Reed: $79 Million in Recovery Funds Released Today for Rhode Island Housing Assistance

Press Release

Reed: $79 Million in Recovery Funds Released Today for Rhode Island Housing Assistance

WASHINGTON, DC -- U.S. Senator Jack Reed (D-RI) today announced that the U.S. Department of Housing and Urban Development (HUD) is making over $79 million available to Rhode Island through the American Recovery and Reinvestment Act of 2009. This legislation, which Senator Reed supported, includes $13.61 billion for HUD projects and programs nationwide. Approximately $10 billion, or 75 percent, was allocated to recipients today, one week after President Obama signed the economic recovery package into law.

"The Obama Administration is following through on its pledge to get this money out swiftly and effectively. I am pleased Rhode Island's cities and housing authorities will receive this critical federal funding to put people back to work building and renovating affordable housing," said Reed, a member of the Banking Committee, which oversees federal housing policy. "This funding will help keep people in their homes and stabilize neighborhoods that have been hit hard by the economic downturn. It will also help make public housing more energy efficient, which will help save families on their energy bills and reduce our dependence on foreign oil. Releasing this round of funding is a positive step toward strengthening our communities, improving our housing outlook, and bolstering the local economy."

The funding announced today by Reed, who has been nationally recognized for championing affordable housing through his efforts to successfully preserve the Low-Income Housing Tax Credit (LIHTC), is primarily formula-based. The remaining 25 percent of the funds, which will be competitively awarded later, will be used to build on President Obama's announced priorities of mitigating the destabilizing effects of foreclosures on our communities and creating green jobs.

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